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Global Smartwatch Market Size, Share, Trends, COVID-19 impact and Growth Analysis Report – Segmented By Product Type, Application and Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 8808
Pages: 100

Global Smartwatch Market Size (2022 to 2027)

As per our market analysis report, the worth of the global smartwatch market size has been estimated at USD 57.3 Billion in 2022. It is further projected to reach USD 132.9 Billion by 2027, registering a compound annual growth rate (CAGR) of approximately 18.32% during the forecast period.

Smartwatches are wearable devices worn on the wrist and have various functions like identifying heart rate, blood pressure, emails, and messages. Smartwatches are portable wearable devices with a touchscreen display and various apps to control and access one’s mobile phone. IoT integrated smartwatch is a new trend and will operate by interacting with other IoT devices, which will serve as a critical feature to improve users' lives. Kaa Cloud is an IoT platform easily integrated into wearable devices through microchips. In addition, wireless technology such as Bluetooth, WI-FI, and GPS plays an immense role in operating smartwatches remotely as it establishes connections between smartphones, laptops, and tablets.

KEY SMARTWATCH MARKET INSIGHTS:

  • In 2020, most of the global smartwatch market share was occupied by companies such as Apple, Xiaomi, Fitbit, Garmin, and Samsung.
  • In 2020, the U.S. Smartwatch market accounted for the leading share in the global market and is predicted to continue its dominance throughout the forecast period.
  • Apple and Samsung are two big giants in the U.S. market, accounting for the leading share.
  • The standalone segment is expected to lead the global smartwatch market during the forecast period based on the product type.
  • The usage of smartwatches is significantly growing in health and fitness applications. Hence, the medical application segment is forecasted to top the market by application.
  • North America, followed by Europe and Asia-pacific, accounted for most of the global smartwatch market share.

MARKET DRIVERS:

Growing demand, usage of fitness devices, increasing awareness, and high R&D investments by the top companies primarily drive the global smartwatch market growth.

As per the recent smartwatch market trends, the demand and usage of smartwatches are hiking new heights year by year. As per theverge.com, Apple Company manufactured and delivered 31 million units of its smartwatches in 2019, which is an increase of 36% from 2018. An estimated 2.1 million smartwatches were manufactured and sold in 2013 with the new generation in mobile technology, and around 85 companies sold 7 million smartwatches across the world in 2014.

The growing prevalence of cardiovascular diseases is estimated to favor the global smartwatch market growth during the forecast period. According to WHO, nearly 17.9 million people die due to cardiovascular diseases every year. Smartwatches have tech advancements that can monitor and track heart health, which is estimated to support market growth.

Additionally, the rising demand for portable fitness wearable devices among athletes/sportspeople/gym-goers and other consumers worldwide and measuring different physiological parameters through smartwatches is the key driving factor for the market to g. Besides, the market is accelerated by rising health awareness among consumers globally and the entrance of new market players focusing on technological advancements of the market.

Furthermore, smartwatches help doctors immediately give critical and complex information to set up growth opportunities for the market. Acceptance of advanced technologies and the introduction of accelerometers in smartwatches, which can be used to detect epilepsy seizures and other conditions resulting in quick & effective treatment to the patients, are the other factors to bolster the market demand.

MARKET RESTRAINTS:

Lack of consumer awareness about the utilities of a smartwatch impedes the demand of the market. In addition, technological and device complexity are some other restraints for the smartwatch market. Also, the high cost of the devices and lack of robust internet connectivity hinder the market's growth. However, with the advancement in telecommunication, electronics, information technology, and multinational companies like Google, and other start-ups, wearable devices will overcome the challenges and continue to hamper the global smartwatch market’s growth during the forecast period.

Impact of COVID-19 on the global smartwatch market:

In recent times we have seen that there has been a severe downfall in almost all sectors of the economy due to the sudden outbreak of the COVID-19 pandemic. As a result, many activities related to the manufacturing industries have been stopped and postponed. But in the case of the pharmaceutical industry, it has created a positive impact on market growth.

The World Health Organization (WHO) announced COVID-19 as an emergency healthcare issue in March 2020. pandemic time has sparked on the wearable devices like the smartwatches industry, and there has been a significant rise in wearable devices like smartwatches, creating a revolution in patient healthcare. Smartwatches are very effective in detecting the physical activities of an individual. As a result, many people focused on maintaining fitness during the pandemic by monitoring physical activities. This has led to propel the demand of the market. In March 2020, scientists came up with a new DETECT study to investigate if wearable devices such as smartwatches and fitness trackers might detect the COVID-19 symptoms.

However, smartwatches' usage has increased in medical treatments during the pandemic to monitor the COVID 19 affected patients' activities.  Smartwatch features enable doctors to know the condition of the patient regularly. In addition, the demand for wireless devices has surged with a rapid increase in internet connectivity. In March 2020, the ECG manufacturers introduced a crowdsourced data campaign to use ECG watches. However, it is expected to have a significant share over the forecast period.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product Type, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

This research report on the global smartwatch market has been segmented based on the product type, application, and region.

Smartwatch Market – By Product Type:

  • Extension
  • Standalone
  • Classic

Based on the product type, the standalone market segment is predicted to dominate the global smartwatch market during the forecast period due to the rise in awareness of the advanced versions of the products at affordable prices. Besides, the rising consumption rate of smartphones and laptops is also spurring the growth rate of the global smartwatch market.

Smartwatch Market – By Application:

  • Personal Assistance
  • Sports
  • Medical
  • Others

Based on the application, the medical segment is expected to register the highest growth rate during the forecast period in the global smartwatch market. Health monitoring is one of the significant importance of wearable devices. Fitness enthusiasts are checked for necessary parameters, whereas patients benefit from these devices by regularly keeping track of their health conditions. The rising incorporation of technologies to measure different physiological parameters such as ECG, Heart Rate, Blood PressureBlood Glucose, etc., is another factor contributing to the growth of this segment to the extent.

Smartwatch Market – By Region:

  • North America
    • The United States
    • Canada
    • Rest of North America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Australia
    • New Zealand
    • Rest of APAC
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Chile
    • Rest of LATAM
  • The Middle East and Africa

Geographically, the North American Smartwatch Market registered a leading share in the global smartwatch market in 2020 due to increased technological applications. The United States, being the first country to implement and integrate virtual SIM cards in smartwatch technology, has thus become the hub for the manufacturers to use standalone smartwatch technology and is a boom for the market developers. Also, the high obese and overweight population in North America leads to an increase in smartwatches' use to track parameters like the number of steps, calories burnt, pulse rate, etc. This is significantly influencing the demand for the smartwatch market. Furthermore, increased integration of IoT in smartwatches is another reason for the market's growth in this region.  

The European smartwatch market is anticipated to account for a substantial share of the global market during the forecast due to industrialization, urbanization, and increasing disposable income.

During the forecast period, the APAC smartwatch market is forecasted to be the most lucrative regional market worldwide. But, significantly, the Indian smartwatch market is predicted to grow at a healthy rate during the forecast period. According to a source, an estimated 36% share in the Indian Smartwatch market in Q1 2019 was accounted for by Apple Watches.

The Smartwatch Market in the Middle East and Africa is expected to have an inclined growth rate from 2021 to 2026.

KEY MARKET PARTICIPANTS;

A few notable manufacturers dominating the global smartwatch market profiled in this report are Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd.

These players continuously work on technological advancements and product innovation to maintain and stabilize their market position and gain a better global smartwatch market share.

The demand for smartwatches slightly dropped at the beginning of the pandemic time of COVID-19. However, now that lockdown restrictions have been lifted in many countries, many companies are trying to launch their new devices and enter unique approaches to maximize their market share. Furthermore, the analysts at MarketDataForecast show that the intense levels of the smartwatch market competition are expected to see aggression during the forecast period.

  1. INTRODUCTION
    1. Market Definition
    2. Study Deliverables
    3. Base Currency, Base Year and Forecast Periods
    4. General Study Assumptions
  2. RESEARCH METHODOLOGY
    1. Introduction
    2. Research Phases
      1. Secondary Research
      2. Primary Research
      3. Econometric Modelling
      4. Expert Validation
    3. Analysis Design
    4. Study Timeline
  3. OVERVIEW
    1. Executive Summary
    2. Key Inferences
  4. DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES ANALYSIS
    1. Market Drivers
    2. Market Restraints
    3. Key Challenges
    4. Current Opportunities in the Market
  5. MARKET SEGMENTATION
    1. By Product Type
      1. Extension
      2. Standalone
      3. Classic
      4. Y-o-Y Growth Analysis, By Product Type
      5. Market Attractiveness Analysis, By Product Type
      6. Market Share Analysis, By Product Type
    2. By Application
      1. Personal Assistance
      2. Sports
      3. Medical
      4. Others
      5. Y-o-Y Growth Analysis, By Application
      6. Market Attractiveness Analysis, By Application
      7. Market Share Analysis, By Application
  6. GEOGRAPHICAL ANALYSIS
    1. Introduction
      1. Regional Trends
      2. Impact Analysis
      3. Y-o-Y Growth Analysis
      4. Market Attractiveness Analysis
      5. Market Share Analysis
    2. North America
      1. Introduction
      2. United States
      3. Canada
    3. Europe
      1. Introduction
      2. U.K
      3. Spain
      4. Germany
      5. Italy
      6. France
      7. Rest of Europe
    4. Asia-Pacific
      1. Introduction
      2. China
      3. India
      4. Japan
      5. South Korea
      6. Australia and NZ
      7. Rest of APAC
    5. Latin America
      1. Introduction
      2. Brazil
      3. Argentina
      4. Mexico
      5. Rest of Latin America
    6. Middle East & Africa
      1. Introduction
      2. Middle-East
      3. Africa
  7. STRATEGIC ANALYSIS
    1. PESTLE analysis
      1. Political
      2. Economic
      3. Social
      4. Technological
      5. Legal
      6. Environmental
    2. Porter’s Five analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Competitive Rivalry within the Industry
  8. MARKET LEADERS' ANALYSIS
    1. Apple Inc.
      1. Overview
      2. Products
      3. Financials (subjected to availability based on company type)
      4. Recent Developments
      5. SWOT analysis
      6. Analyst View
    2. Google Inc.
    3. Garmin
    4. Fitbit
    5. Motorola
    6. Sony Corporation
    7. Samsung Electronics
    8. LG Electronics
    9. Huawei Technologies Co. Ltd.
  9. COMPETITIVE LANDSCAPE
    1. Market share analysis
    2. Merger and Acquisition Analysis
    3. Agreements, collaborations and Joint Ventures
    4. New Product Launches
  10. MARKET OUTLOOK AND INVESTMENT OPPORTUNITIES
  11. APPENDIX
    1. List of Tables
    2. List of Figures
  1. Global Smartwatch Market, By Region, From 2022 - 2027 (USD Million)
  2. Global Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  3. Global Extension Market, By Region, From 2022 - 2027 (USD Million)
  4. Global Standalone Market, By Region, From 2022 - 2027 (USD Million)
  5. Global Classic Market, By Region, From 2022 - 2027 (USD Million)
  6. Global Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  7. Global Personal Assistance Market, By Region, From 2022 - 2027 (USD Million)
  8. Global Sports Market, By Region, From 2022 - 2027 (USD Million)
  9. Global Medical Others Market, By Region, From 2022 - 2027 (USD Million)
  10. North America Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  11. North America Extension Market, By Region, From 2022 - 2027 (USD Million)
  12. North America Standalone Market, By Region, From 2022 - 2027 (USD Million)
  13. North America Classic Market, By Region, From 2022 - 2027 (USD Million)
  14. North America Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  15. North America Personal Assistance Market, By Region, From 2022 - 2027 (USD Million)
  16. North America Sports Market, By Region, From 2022 - 2027 (USD Million)
  17. North America Medical Others Market, By Region, From 2022 - 2027 (USD Million)
  18. United States Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  19. United States Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  20. Canada Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  21. Canada Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  22. Europe Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  23. Europe Extension Market, By Region, From 2022 - 2027 (USD Million)
  24. Europe Standalone Market, By Region, From 2022 - 2027 (USD Million)
  25. Europe Classic Market, By Region, From 2022 - 2027 (USD Million)
  26. Europe Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  27. Europe Personal Assistance Market, By Region, From 2022 - 2027 (USD Million)
  28. Europe Sports Market, By Region, From 2022 - 2027 (USD Million)
  29. Europe Medical Others Market, By Region, From 2022 - 2027 (USD Million)
  30. U.K. Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  31. U.K. Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  32. Germany Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  33. Germany Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  34. France Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  35. France Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  36. Italy Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  37. Italy Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  38. Spain Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  39. Spain Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  40. Asia Pacific Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  41. Asia Pacific Extension Market, By Region, From 2022 - 2027 (USD Million)
  42. Asia Pacific Standalone Market, By Region, From 2022 - 2027 (USD Million)
  43. Asia Pacific Classic Market, By Region, From 2022 - 2027 (USD Million)
  44. Asia Pacific Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  45. Asia Pacific Personal Assistance Market, By Region, From 2022 - 2027 (USD Million)
  46. Asia Pacific Sports Market, By Region, From 2022 - 2027 (USD Million)
  47. Asia Pacific Medical Others Market, By Region, From 2022 - 2027 (USD Million)
  48. Japan Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  49. Japan Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  50. China Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  51. China Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  52. India Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  53. India Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  54. Australia Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  55. Australia Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  56. South Korea Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  57. South Korea Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  58. Latin America Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  59. Latin America Extension Market, By Region, From 2022 - 2027 (USD Million)
  60. Latin America Standalone Market, By Region, From 2022 - 2027 (USD Million)
  61. Latin America Classic Market, By Region, From 2022 - 2027 (USD Million)
  62. Latin America Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  63. Latin America Personal Assistance Market, By Region, From 2022 - 2027 (USD Million)
  64. Latin America Sports Market, By Region, From 2022 - 2027 (USD Million)
  65. Latin America Medical Others Market, By Region, From 2022 - 2027 (USD Million)
  66. Brazil Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  67. Brazil Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  68. Argentina Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  69. Argentina Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  70. Mexico Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  71. Mexico Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  72. Rest of Latin America Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  73. Rest of Latin America Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  74. Middle East and Africa Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  75. Middle East and Africa Extension Market, By Region, From 2022 - 2027 (USD Million)
  76. Middle East and Africa Standalone Market, By Region, From 2022 - 2027 (USD Million)
  77. Middle East and Africa Classic Market, By Region, From 2022 - 2027 (USD Million)
  78. Middle East and Africa Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  79. Middle East and Africa Personal Assistance Market, By Region, From 2022 - 2027 (USD Million)
  80. Middle East and Africa Sports Market, By Region, From 2022 - 2027 (USD Million)
  81. Middle East and Africa Medical Others Market, By Region, From 2022 - 2027 (USD Million)
  82. Middle East Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  83. Middle East Smartwatch Market, By Application, From 2022 - 2027 (USD Million)
  84. Africa Smartwatch Market, By Product Type, From 2022 - 2027 (USD Million)
  85. Africa Smartwatch Market, By Application, From 2022 - 2027 (USD Million)

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FAQ's

How big is the global smartwatch market size?

Globally, the market for smartwatches is growing rapidly. As per our research report, the global smartwatch market size is going to be worth USD 132.9 Billion by 2027.

Which segment by application is predicted to lead the smartwatch market in the coming future?

The medical segment by application is expected to have a bright future from 2022 to 2027 in the global smartwatch market.

Which are the companies playing a leading role in the global smartwatch market?

Apple Inc., Google Inc., Garmin, Fitbit, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, and Huawei Technologies Co. Ltd. are a few of the playing a major role in the global smartwatch market.

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